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Between a rock and a hard place
Key points
- Income derived from gains made on property sales will be subject to income tax in Gibraltar.
- The tax rate for Gibraltar-resident individuals is likely to be up to 25% on taxable income while for non-resident individuals it may be up to 39%.
- Among the concerns is the possible impact on inward investment.
- The intention is to target wealthy investors who treat the property market like ‘a stock market’.
A recent draft legislation published by the government of Gibraltar seeking to introduce a tax on profits derived from residential property sales in circumstances where an owner holds three or more properties has sparked considerable discussion and given rise to polarised views among politicians investors property agents and lawyers on the Rock in recent months.
The measure was first announced by Nigel Feetham the minister for justice trade and industry during the Budget debate...
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